Sensex gains 202 points to close above 15,000

By SiliconIndia   |   Thursday, August 20, 2009   |    1 Comments
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Bangalore: Positive global markets and buying in frontline stocks after yesterday's decline pushed Indian markets higher, though some gains were pared in late trade. The Sensex closed at 15,012, after trading between 15,145 and 14,928. Despite buying support at lower levels helping the markets to pull back, market participants see markets heading lower in the near term. "The markets are likely to head lower as money would be taken off the table. As U.S. markets outperform, Indian markets will surely bear the brunt as more FII money will start chasing dollar-based stock," said Sanjeev Bhasin, an independent investment advisor. The stock chart for 52-weeks is given on left. Today's broad-based rally was led by gains in auto, banking, power and IT stocks. The BSE auto index surged by 2.6 percent after reports said that June 1-August 19 rains were 26 percent below normal as against 29 percent the week before, reports NDTV. The auto stocks were hit hard in the last few trading stations. Maruti, Mahindra and Mahindra and Hero Honda Motors were the top gainers, up over 3.9 percent each. The BSE bankex rose 1.8 percent and the BSE power index was up 1.6 percent. Canara Bank, SBI and Kotak Mahindra Bank were the major gainers, up more than 3.4 percent each. The IT index on the BSE gained 1.5 percent. Wipro and Infosys rose over two per cent each.
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Reader's comments(1)
1: I guess we are moving in the same direction with the Chinese and other Asian market. I guess some of the volatility is unexplained in China and other markets. Lets hope for a more rational market in days to come.
Posted by:Mayank Sahay - 20 Aug, 2009
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